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Wednesday 08 October, 2003

Caledonia & Cayzer

Cayzer Trust Company EGM

Caledonia Realisation & Cayzer Cont
08 October 2003


8 October 2003


   Not for release, publication or distribution in or into the United States,
                           Canada, Australia or Japan

        Statement by the boards of Cayzer Continuation Limited ('CC') and
                      Caledonia Realisation Limited ('CR')
              regarding the extraordinary general meeting ('EGM')
                  of The Cayzer Trust Company Limited ('CTC')
                             held on 2 October 2003
                                         
At CTC's EGM on 2 October 2003 the resolution put to shareholders confirming the
decision of the board of CTC to block the Proposals was approved. Sir John
Craven confirmed that, in these circumstances, the boards of CC and CR did not
intend to put the Proposals in their present form to shareholders. However, he
said that the boards of CC and CR continued to believe that the Proposals had
considerable merit in addressing the concerns of an important minority of
shareholders of CTC (as well as those of independent shareholders of Caledonia)
and therefore intended to consider whether they could be refined better to
address the objections voiced by certain shareholders at the EGM. The boards of
CC and CR continue to consider their options.

The boards of CC and CR acknowledge that they are bound by the terms of their
agreement with the Panel on Takeovers and Mergers ('the Panel') which requires
them either to announce an offer for Caledonia under Rule 2.5 of the City Code
by 12 noon on Friday 17 October 2003 or to announce that the Proposals have been
withdrawn. For the avoidance of doubt, this would not prevent CC, CR or any of
the parties named in the Panel's announcement from taking any action in respect
of a transaction or proposal that would not be governed by the City Code or
otherwise exercising any rights attaching to, or in respect of, any shares held
in CTC or Caledonia.

The boards of CC and CR will make further announcements in due course.

Enquiries

Anthony Cardew             CardewChancery                         020 7930 0777

Deutsche Bank AG London ('Deutsche Bank'), which is regulated by the Financial
Services Authority for the conduct of designated investment business in the UK,
is acting for CC and CR and no one else in connection with the Proposals and
will not be responsible to anyone other than CC and CR for providing the
protections afforded to clients of Deutsche Bank nor for providing advice in
connection with the Proposals or any other transaction or arrangement referred
to herein.

Expressions defined in the announcement by CC and CR made on 5 September 2003
bear the same meaning when used in this announcement.




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